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Gabanintha Resource Update 2018

Gabanintha Resource Update 2018

Resource Update for Gabanintha Vanadium Deposit including Cobalt, Nickel and Copper

• Total Mineral Resource revised to 175.5Mt at 0.77% vanadium pentoxide (V2O5) consisting of:
➢ Measured Mineral Resource of 10.1Mt at 1.11% V2O5,
➢ Indicated Mineral Resource of 24.0Mt at 0.63% V2O5, and
➢ Inferred Mineral Resource of 141.4Mt at 0.77% V2O5.
• The revised Gabanintha Mineral Resource includes a distinct massive magnetite high-grade zone of 93.6 Mt at 1.00% V2O5 consisting of:
➢ Measured Mineral Resource of 10.1Mt at 1.11% V2O5,
➢ Indicated Mineral Resource of 4.9Mt at 1.09% V2O5, and
➢ Inferred Mineral Resource of 78.6Mt at 0.98% V2O5.
• The Mineral Resource now includes an estimation of cobalt, nickel and copper:
➢ Initial Inferred Mineral Resource is 12.5 Mt at 206 ppm Co, 659 ppm Ni and 222 ppm Cu.
➢ Estimation of cobalt, nickel and copper content follows bench scale test work and generation of sulphide flotation concentrates containing 3.8% – 6.3% base metals including 1.54% – 2.02% cobalt, 1.36% – 2.58% nickel and 0.82% – 1.70% copper.
➢ The potential sale of a by-product cobalt, nickel and copper sulphide concentrate to increase revenue at Gabanintha.
• Revised weathering profiles to include oxide, transitional and fresh zones supporting Pre-Feasibility Study (PFS) work.
• Metallurgical test work completed with excellent and repeatable recoveries from transitional and fresh massive vanadium bearing magnetite.
• Oxide test work indicates successful magnetic concentration options.
• PFS base case nearing completion.
• Further detailed work on PFS technical aspects and risk analysis to be ongoing until end of 2018.

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